Third Point Goes After Yahoo Records With Legal Maneuver

Hedge fund Third Point is demanding books and records from Yahoo related to the hiring of Scott Thompson as Yahoo CEO in an attempt to gather more ammunition in its proxy contest to win four seats on the Internet company’s board of directors.

Third Point made the demand under Delaware code 220(b), which allows shareholders to petition companies for more disclosure. Such demands are often a precursor to derivative lawsuits against companies incorporated in Delaware. In this case, however, Third Point wants to demonstrate that the Yahoo board didn’t do a thorough job of vetting the credentials of Thompson and board member Patti Hart, adding to the fund’s allegations of board mismanagement.

Content from our sponsorDeloitteCFO insight and analysis written and compiled by Deloitte

Implementing an enterprise risk management (ERM) program can enable federal CFOs to unify and improve their agency’s risk management capability. A comprehensive risk appetite framework can improve an agency’s ERM capabilities in multiple ways, such as helping senior leadership communicate the agency’s risk appetite throughout the organization, prioritizing risks and measuring whether the agency is staying within its risk appetite. Learn how CFOs can develop a risk appetite framework aligned to the agency’s mission and the amount of risk the agency is willing to tolerate to achieve its strategic goals and objectives.

Please note: The Wall Street Journal News Department was not involved in the creation of the content above.More from Deloitte →

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.